The global Induction Cooktops Market was worth $18.6 billion in the year 2018. It is anticipated to touch US$ 27.3 billion by 2025, with a CAGR of 5.7% over the forecast period. This could be attributed to increasing demand for energy efficient and time saving cooking appliances. Plus, the latest trend catching up is that of inclination toward modular kitchen; especially amongst the middle-class population in the emerging economies like India and China. This is expected to upscale the induction cooktops’ scope further.
Safety concerns are being raised all over regarding handling cooking appliances. Induction cooktops imply generation of an electromagnetic field and transferring heat directly to metal cookware comprising ferrous metals like iron and steel. The top surface of induction cookware is usually made from proper heat resistant ceramic or glass. As an outcome, the surface as a whole as well as the surroundings don’t get heated at the cooking. Moreover, these cooktops have the tendency to shut off automatically when cookware isn’t present on the top. Such products do render safety and energy efficiency in comparison with traditional cooktops. All these factors are likely to keep the induction cooktop market on toes in the upcoming period.
The induction cooktops market is segmented based on product, application, distribution channel, and geography. By product, the market spans free-standing and built-in. By application, it constitutes commercial and household. By distribution channel, the induction cooktops industry consists of specialty stores, online, and supermarkets & supermarkets. By geography, the induction cooktop industry says North America, Europe, Asia Pacific, LATAM & Central America, and MEA.
Europe leads the market; thanks to growing adoption of smart kitchen appliances therein. Electronic hobs are in great demand over here. The built-in hobs coupled with four cooking zones have proven to be the most popular ones of late. Asia Pacific is expected to grow at the fastest pace (8.3%) between 2019 and 2025. This could be due to opting for modular kitchen in the economies like India and China.
The players contributing to the induction cooktops market include Panasonic Corporation, Miele, Sub-Zero Group, Inc., Robert Bosch GmbH, Smeg, TTK Group, Electrolux AB, LG Electronics Inc., and Whirlpool Corporation. Organic growth is being emphasized on. For instance – Robert Bosch GmbH recently launched “Bosch Induction Cooktops” that could be integrated with “Home Connect” app to notify customers on meals being ready. On the similar note, Electrolux AB, in Aug 2018, did launch “Electrolux SenseFry sensor-enabled induction hob” in Europe. The sensors, along with touchscreen technology, do help in maintaining temperature all across the cooking pots to enhance cooking experience.
Induction Cooktop Product Outlook (Revenue, USD Million, 2015 - 2025)
Induction Cooktop Application Outlook (Revenue, USD Million, 2015 - 2025)
Induction Cooktop Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
• Hypermarkets & Supermarkets
• Specialty Stores
Induction Cooktop Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• South Africa
Research Support Specialist, USA